Friday, May 21, 2010

EU slams Obama reinsurance tax plans as 'protectionist'

Bermuda reinsurers have a powerful backer in their battle against proposed US tax changes that could be harmful to the Island's biggest industry — the European Union.

The EU has fired off letters to several US trade and finance officials, including Treasury Secretary Timothy Geithner, to slam "protectionist" measures outlined in US President Barack Obama's budget proposals regarding affiliated reinsurance.

Angelos Pangratis, acting head of the EU delegation to the US, told Mr. Geithner in his letter that the European Commission believed the tax proposals were at odds with a level-playing field for domestic and foreign insurers and reinsurers in the US.

1 comment:

Is it just me, or is Obama doing down the same path that FDR did,which lead to the longevity of the Great Depression? Cause it kind of looks that is what Obama is going, using the old "Progressives Guide to Econmics,and how to Collaspe a Prospering Country"